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AIQuiet 4d · day 5

Wall Street banks profit from both sides of US-China AI race

As Trump and Xi prepare to meet, US financial firms underwrite Chinese tech IPOs while Chinese money pours into American semiconductor stocks.

newest coverage 3d agosummary written 4d ago6 pieces MastodonNewswiresGoogle News

What to know

  • Wall Street banks have underwritten $17.2 billion in Chinese AI and chip IPOs this year (30% of sector issuance), while Chinese investors hold $750 billion in US stocks—particularly semiconductors—creating deep financial interdependence between strategic rivals.
  • Financial entanglement acts as a mutual deterrent to escalation: both sides have incentive to avoid severing AI supply chains and investment ties that would inflict mutual damage.
  • US Treasury and Chinese officials are discussing a formal US-China AI dialogue ahead of this week's Trump-Xi meeting, though analysts expect limited breakthroughs from the summit.
  • This financial connectivity persists despite US restrictions on chip exports and investment in Chinese AI sectors, enabled by regulatory carve-outs for public securities and Wall Street's involvement in Hong Kong listings.

“Wall Street underwriting Chinese tech IPOs is about 'clipping the ticket on both sides of a cold war.'”

James Buckley-Thorp, Founder and CEO of AI company Atlian · Reuters / Investing.com ↗

Donald TrumpDonald Trump US President preparing for Xi meetingXi JinpingXi Jinping Chinese President preparing for Trump meetingScott BessentScott Bessent US Treasury SecretaryFred Hu Founder and chairman of Primavera Capital GroupJames Buckley-Thorp Founder and CEO of AI company Atlian

Wall Street banks profit from both sides of US-China AI race
Investing.com News

How it unfolded 2 developments, newest first · click a bar or a number to jump articlesposts

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Sep 22Sep 23Sep 24yesterdaynow · 9:21 AM ET
  1. background

    Mutual financial exposure creates incentive to avoid escalation, analysts say — Financial interdependence between US and Chinese investors acts as a 'safety net' giving both sides an interest in keeping relations steady, though the arrangement risks unwinding painfully if US-China relations deteriorate further. Analysts compare the rivalry to the Cold War space race.

  2. background

    Bessent discusses US-China AI dialogue ahead of Trump-Xi meeting — US Treasury Secretary Scott Bessent said he and Chinese Vice Premier He Lifeng discussed setting up a US-China AI dialogue this week, including a notification system for common goals and threats, as part of preparations for the Trump-Xi summit in Washington.

  3. 2

    Chinese holdings in US stocks reach $750 billion, up 23% year-over-year

    The value of US equity held by Hong Kong residents and mainland Chinese investors has jumped 23% over the past year to exceed $750 billion, with US stocks—particularly semiconductors—remaining the favorite destination for China's outbound mutual funds.

  4. 1

    Wall Street underwrites $17.2 billion in Chinese tech IPOs this year

    US banks including Goldman Sachs, Morgan Stanley, Citigroup, and JPMorgan have served as bookrunners on 19 Chinese high-tech equity deals worth $17.2 billion in 2026, accounting for nearly 30% of the sector's total issuance. These include major listings by optical parts maker Zhongji Innolight ($6.8 billion), AI developer MiniMax, chipmakers Montage Technology and Shanghai Iluvatar CoreX Semiconductor, and printed circuit board maker Victory Giant Technology ($2.6 billion).

    “US and Chinese businesses and investors continue to maintain connectivity and invest in each other despite highly volatile geopolitical conditions.”
    — Fred Hu, Founder and chairman of Primavera Capital Group · source

Also covered reported alongside — the timeline has no entry for these yet

  1. 4 outlets As Trump and Xi meet, investors play both sides of AI divide

    first by Reuters, 4d ago · also Japan Times, Investing.com News, Yahoo Finance